Anemic Yankee Offense Fails to Launch Again
Another day, another anemic performance from the Yankee lineup. For the second straight night, the supposedly powerful Yankee order was held to one run, this time by no-name rookie Drew Hutchison, as New York fell to Toronto 4-1.

The Jazz Scene: Joey on the Organ, Gil on Two Bills
This week's Jazz Scene calendar includes Joey DeFrancesco's trio at Birdland, Sheera Ben-David at Feinstein's, newly commissioned music at Lincoln Center, two Gil Evans centennial celebrations, and more.

Kelly Shifts on Stop and Frisk
The NYPD outlined Thursday a series of changes in the department's stop-and-frisk policies, marking what critics say is a retreat for the mayor and police commissioner who have staunchly defended crime-stopping tactics.

Peering Through J.P. Morgan's Hedges
With big U.S. bank stocks again sliding, investors are wondering how much is due to Europe's woes versus blowback from J.P. Morgan's trading debacle. One answer: The issues are intertwined.

Midwest Pipeline to Cut Oil Glut
Crude-oil futures declined despite news that the Seaway pipeline in the Midwest will open its spigots, a move expected to reduce a glut of oil and narrow the difference between the oil market's two benchmark contracts.

Dublin Court Rules Against Hutchison
Hong Kong ports-to-telecom operator Hutchison Whampoa has lost a motion in an Irish court to have its €2 billion bid for Irish telecom firm Eircom "given due consideration," according to people familiar with the situation.

Hong Kong Seeks 30,000 New Private Homes
The Hong Kong government hopes to supply nearly 30,000 new private homes this fiscal year as part of efforts to cool its exuberant real-estate market, where prices have persistently stayed at record highs, the city's secretary for development said.

Syrian Split Sets Back Bid to Unseat Assad
The head of Syria's main opposition coalition offered to resign, two days after his re-election sparked broad discontent among antigovernment activists, as hundreds of students clashed with pro-government forces.

New Amenities Raise Shelter Island's Profile
Shelter Island, nestled between Long Island's North and South Forks, is still far more rustic than the nearby Hamptons. But lately it's been getting a bit more polish.

New Tenant At the Table in Midtown
After sitting vacant for nearly two years, the trophy retail space at 11 Times Square has landed its first tenant—a Russian restaurant company that will fill roughly half the space at 42nd Street and Eighth Avenue, according to people familiar with the matter.

Cannes Film Festival Fashion, Day Two
Marion Cotillard, Eva Longoria, Freida Pinto and other celebrities kept up the high fashion moments on the red carpet at the Cannes Film Festival, with gowns by Atelier Versace, Christian Dior and Elie Saab.

'Green' Center to Cultivate Manufacturers
The Brooklyn Navy Yard has landed two anchor tenants for an industrial center focused on environmentally friendly tenants, giving hope to state and city officials trying to establish a modern manufacturing base in the borough.

NASA Ponders Transporting Tourists to International Space Station
NASA is figuring out how to let space tourists do something they have never been allowed to do before: hitch a ride on U.S. spacecraft intended to take astronauts to the international space station.

Unusual Tactic in Graffiti War
New York City forced the temporary closure of a Harlem hardware store earlier this month for selling spray paint to minors in what is believed to be the first time the city has used that power in its long-running fight against graffiti.

Teacher Pool Targeted
After years of trying to oust ineffective teachers by reforming the system, the Bloomberg administration is turning to options it already has available to try to prune the weakest educators from its ranks.

Schilling Firm's Check 'Not Good': Rhode Island
A representative of former baseball star Curt Schilling's video game firm delivered to the Rhode Island Economic Development Corp. a $1.1 million check in an attempt to cure the company's default on a state loan-guarantee payment. But the firm had insufficient funds to cover the check.

NASA Stresses a New Mission
Some NASA officials are stressing that a plan to put astronauts aboard private spacecraft will help foster jobs and stimulate the economy, after earlier focusing on cost and other benefits.

Rangers' Scoring Limit Seems to Be Three Goals
The Rangers head into Saturday's Game 3 of the Eastern Conference Finals against the Devils with a streak of 15 games scoring three goals or fewer, tied for the longest in postseason history.

Fresh From the Finger Lakes
Greenmarket customers who stop by the Silver Thread Winery booth in the Finger Lakes region will receive a quick lesson in upstate geography along with thimble-size tastes of six Finger Lakes wines.

No. Yes. I Don't Know. No. We Done?
Don't ask John Tortorella who's in the lineup. Don't ask him about injuries. Don't ask about the other team. Don't ask about line combinations. Don't ask yes-or-no questions. Don't leave the room silent for more than a second or he's gone.

Senators Target Facebook Co-Founder
A Facebook Inc. co-founder on Thursday denied allegations by two Senate Democrats that he gave up his American citizenship to avoid taxes, saying his decision to live in Singapore was purely personal, and that he will owe hundreds of millions of dollars in U.S. taxes despite the move.

College Tuition Fight Surges in Texas
The national debate over the cost of a college degree is roiling the University of Texas's flagship campus, where the school's president has been at odds with board members and Governor Rick Perry over the wisdom of raising tuition.

BATS Bats Its Eyes at Rivals
BATS's board is debating whether to list the company on a rival exchange once it revisits plans for an IPO, a step that would further undermine its bid to challenge the Big Board and Nasdaq.

Key Void at Top for J.P. Morgan
J.P. Morgan Chase didn't have a treasurer in place during a critical time when the bank's Chief Investment Office placed trades that led to more than $2 billion in losses.

Turkey Aims to Damp Drone Furor
Turkish drones were responsible for the initial intelligence footage that prompted a deadly strike against civilian smugglers, Turkey's armed forces said, seeking to damp a furor sparked by a Wall Street Journal article that described the role played by a U.S. drone.

Facebook Prices Its IPO at $38
Facebook priced its initial public offering at $38 a share, a move that values the Internet company at more than $100 billion. It tried floating higher numbers to investors but was rebuffed.

Argentine Capital Flight Fell To $1.61B In 1Q On Forex Controls
Capital flight in Argentina shrank to $1.61 billion in the first quarter as foreign-exchange controls made it increasingly difficult for businesses and individuals to pull money out of the country, according to the central bank.

Rosa Parks Estate Sparks Uncivil Fight
Who should get the money from the sale of Rosa Parks's possessions is a central issue in legal skirmishes in a Michigan probate court over the estate of the woman who became famous for refusing to give up her seat to a white man on a segregated bus in 1955.

Watchdog Bites Northern Rock Split
The U.K. government's decision to split Northern Rock in two was hasty and failed to deliver on performance targets because it was based on an overly optimistic view of the market, the official spending watchdog said.

China Think Tank: GDP Likely To Grow By Around 7.5% In 2Q
China's economic growth may further slow to around 7.5% in the second quarter from 8.1% in the first quarter, a government think tank wrote in a commentary published on the state-run China Securities Journal Friday.

Merkel Pressed, But Unlikely To Yield
Top world leaders gathering at Camp David this weekend are expected to exhort Angela Merkel to open wide the vaults of Berlin's treasury to forestall a collapse of Greece and Europe's common currency. The German leader's response to the pressure figures to be a familiar one: Nein.

Applied Materials Profit Falls
Applied Materials posted another drop in quarterly profit, but the maker of semiconductor production tools said smartphone sales are helping to pave the way for its next upswing.

U.S. Eases Myanmar Sanctions
The Obama administration eased financial sanctions on Myanmar and nominated a new ambassador as part of Washington's latest effort to bolster political and economic reforms in the Southeast Asian nation.

$1 Billion Club Gets Crowded
At least 20 closely held U.S. start-ups backed by venture capital are now valued at $1 billion or more, Pinterest and Evernote among them. During the frothy days of the 1990s dot-com bubble, there were just 18 such start-ups valued at $1 billion or more.

Summits Will Test Global Response
President Barack Obama hosts world leaders this weekend at a pair of summits that represent the first test of how upheavals among major economies stand to influence global policies on issues from the Afghanistan war to national budgets.

No-Shows Thwart Moscow Protest Bid
Russian opposition forces said their surprise gains in Moscow's 125 district councils in March would give them a modest platform to challenge Mr. Putin's authoritarian system. But an early attempt to test their clout on a sensitive political issue fell short.

Ford Foundation Funds News Coverage
The Ford Foundation has given a $1 million grant to the Los Angeles Times to expand the paper's news coverage in certain areas, its first grant to a major for-profit newspaper.

Chile Central Bank Holds Benchmark Rate At 5% As Expected
The Central Bank of Chile held the benchmark interest rate steady for a fourth consecutive month Thursday, amid robust growth that isn't losing steam and inflation in line with its target.

Class Warfare Is Weighing on Quebec
Quebec's government is trying to restore calm as sometimes-violent student demonstrations stretch into their fourth month—disrupting daily commutes and drawing a rare travel advisory from the U.S. consulate.

Give Facebook Credit for Cash
It is a testament to the stupendous wealth of megacap tech companies that Facebook joins the club as one of its poorer members. Dig a little deeper, though, and Facebook is in a better position than the figures suggest.

Groups Sue Again Over Oil Drilling off Alaska
A coalition of environmental and tribal groups filed a challenge to a federal air-emissions permit for a Royal Dutch Shell drilling ship, the latest legal maneuver aimed at stopping the oil giant's exploration plan off Alaska's Arctic coast.

Pension Fund Targets Chesapeake Directors
The custodian of a group of New York City pension funds is calling on Chesapeake Energy shareholders to vote against two board members, saying they failed to check the CEO's controversial financial activies.

Yahoo CEO Names Executive Team
New Yahoo CEO Ross Levinsohn named an executive team, including Mickie Rosen to lead global media and commerce efforts, to help renew growth at the ailing Internet company.

Treasury Yields Sink to Lowest Level on Record
Unsettling news on both sides of the Atlantic helped send U.S. stocks plunging Thursday and drove 10-year Treasury yields to their lowest closing level on record.

Argentina, Brazil Local-Currency Trade Makes Slow Headway
Argentina and Brazil have championed the use of their currencies in trade through an innovative payment system, but its tiny share of bilateral trade illustrates the challenges local currencies face in displacing the dollar.

The New First Family of Real Estate
An $85 million L.A. mansion with a 500-worker renovation team. A $70 million London home with a bowling alley. The Ecclestone sisters are swiftly amassing a global property portfolio. The new generation of wealthy buyers.
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Clemens Lawyers Grill Former Trainer
Lawyers for baseball legend Roger Clemens pummeled his chief accuser on the witness stand, forcing him to admit he could be "confused and mistaken" on a key date in the case.

Williamson Finds a Moment of Zen
When Matthew Williamson isn't looking at knitwear swatches for his spring/summer 2013 collection, the British fashion designer puts his sketchbook down and his slippers on as he seeks out a moment of Zen.

'Sunshine Boys' Is Still Slightly Cloudy
Danny DeVito and Richard Griffiths play the estranged old buffers who used to be top of the bill in vaudeville, in Neil Simon's "The Sunshine Boys" at the Savoy Theatre.

The World is Falstaff's Oyster
Most of the audience at the opening night of Robert Carsen's new production of Verdi's "Falstaff" at the Royal Opera House were ecstatic about this staging, set in the 1950s.

Market Gears Up for Facebook Offering
Anticipation was strong for Facebook's initial public offering as the Nasdaq Stock Market indicated shares would start trading under the stock symbol FB around 11 a.m. EDT Friday.

Call It Berkshire Hathaway Ink.
Warren Buffett's Berkshire Hathaway agreed to buy 63 daily and weekly newspapers from Media General for $142 million, Berkshire's second move in six months to expand into the depressed newspaper market.

Chelsea's Perennial Inspiration
If last year was about big, manly architectural statements at the RHS Chelsea Flower Show, this year is about exploring the softer, more sensual side of gardening, with smells and sounds featuring heavily in show spaces.

Gap Raises Profit Outlook
Gap raised its full-year profit outlook, even though its first-quarter net income was unchanged from a year earlier. In the first quarter, sales rose at its Old Navy, Gap and Banana Republic chains, but rising costs and a drop in overseas sales held back the bottom line.

Shortening Shaw
New York's Irish Repertory Theatre is presenting a carefully abridged three-hour version of George Bernard Shaw's 'Man and Superman.' That's good news for serious-minded theatergoers—but is it good enough?

Investor Wins Proxy Vote at Canadian Pacific
Canadian Pacific investor Bill Ackman won a proxy vote to approve his slate of directors and unseat the railroad's CEO. A member of the Ackman slate was appointed interim chief.

The Fantastic Mr. Desplat
Alexandre Desplat's movie scores embrace genres as diverse as Hollywood blockbusters and artsy European films, keeping the award-winning French composer in high demand in Tinseltown.

Ten-Year Treasury Yield Near Record Low
The rally in U.S. government bonds put 10-year Treasury yields on the precipice of a new record low. Separately, the U.S. government sold $13 billion of 10-year TIPS at a record-low yield.

A Riverfront Jaguar Lair
This 14,000-square-foot house on the St. Johns River is coming up for auction on May 24 with no minimum bid. The owners used to own the Jacksonville Jaguars football team, thus the painting of three jaguars that hangs over the fireplace in the living room and which comes with the house.

Postal Service to Begin Plant-Closure Process
The U.S. Postal Service said that it will begin consolidating nearly a third of its mail-processing plants this summer after Congress failed to meet a deadline to pass overhaul legislation.

Vedanta Gets a Boost from Cairn Stake
Vedanta Resources said it is focused on its corporate restructuring and debt reduction as the miner reported a 13% rise in its 2012 fiscal-year operating earnings.

Photos of the Day: May 17
In today's pictures, a cyclist celebrates in Italy, students face off with police in Montreal, members of parliament are sworn in for what's expected to be a very short term in Greece, and more.

Madrid Hails Moves by Regions to Cut Spending
Spain's government said 16 of the country's 17 regions are on track to meet this year's budget targets, a key part of its efforts to slash a towering budget deficit and ward off an international bailout.

Greece Deserves Credit, but Debt's an Issue
The debate raging over Greece's place in the euro zone has obscured an important fact: Many of the most painful steps of the Greek bailout have already been completed. The toughest question left is Greece's remaining debt, which will increasingly be held by euro-zone governments.

Europe's Oil Refiners Grab Window of Opportunity
Stepped-up production from European oil refiners returning from spring maintenance could help keep a lid on gasoline prices in the short term. But the outlook for the second half of the year is more downbeat.

More Rebukes on Pay in U.K.
In the escalating revolt that has already chastened the management of several high-profile U.K. businesses, a majority of shareholders at Cairn Energy voted against the company's pay report, as did 30% at insurer Prudential.

Burkle to Distribute Shares In Barnes & Noble
Investor Ron Burkle will distribute a small percentage of his holding in Barnes & Noble to other investors in his Yucaipa funds. His SEC filing sent Barnes & Noble stock down.

A Fair in Transition
This week marks the Hong Kong Art Fair's fifth edition, and its last. Next year it will be reborn as Art Basel, joining its Swiss and Floridian sisters in a triumvirate of the world's biggest and buzziest art gatherings.

Experts Try Charting the Path for a Euro Exit
Returning to a national currency after more than a decade of using the euro and having its money managed by the ECB would catapult Greece into a financial, legal and political no-man's land.

Barclays Global Research Head: Greek Euro Exit Likely
Greece is likely to leave the euro zone by the new year after Europe crafts a plan for an orderly exit, Barclays' global head of research predicts.

US Senate Confirms Two Nominees To Fed Board
The U.S. Senate confirms President Obama's two nominees to the Federal Reserve Board of Governors, filling the seven-member panel for the first time since April 2006.

MONEY TALKS
What Is The Euro For?
With the economic argument for the single currency looking flimsy, and the political argument as threadbare as a Weimar suit, Alen Mattich asks: Does the euro still have a purpose?

Geithner: Lehman Wasn't Felled by J.P. Morgan Collateral Calls
Treasury Secretary Timothy Geithner says J.P. Morgan's collateral requests from a stricken Lehman Brothers was "immaterial" to the bank's collapse and the filing of the largest bankruptcy in U.S. history.

Whittled-Down Sears Posts Profit
Assets sales helped Sears return to a first-quarter profit, but the continual shedding of real estate and other holdings have reinforced a feeling on Wall Street that the 126-year-old retailer is in the early stages of liquidation.

Pipeline Is Ready to Reverse Flow of Oil
Enterprise Products Partners and Enbridge completed the reversal of the Seaway pipeline, setting the stage for crude oil to flow from an Oklahoma storage hub to Gulf Coast refineries.

Jobless Claims Hold Steady
The number of U.S. workers filing new applications for unemployment benefits was essentially flat last week, suggesting that the recently volatile labor market is stabilizing.

Blame Parenting, Not The Electronic Tools
David Gelernter's "Make It a Summer Without iStuff" (op-ed, May 11) contends that children's free time this summer would be better spent without i-Type devices.

Reynolds Is Correct, High Taxes Do Matter
Alan Reynolds does a good job explaining why the Peter Diamond and Emmanuel Saez academic numbers, related to the Laffer curve apex, make no sense ("Of Course 70% Tax Rates Are Counterproductive," op-ed, May 8).

Tort Reform Would Save on Defensive Care
HHS Secretary Kathleen Sebelius has suggested that doctors use their authority "to educate people" about the benefits of the ObamaCare. This is absurd, in that the law makes no provision for tort reform.

Medical-Device Tax Is a Total Loser
With regard to "Obama's Killer Device Tax" by Henry Miller, op-ed, May 11: When five conservative GOP governors are on the same side of a tax debate as liberal Senate candidate Elizabeth Warren in Massachusetts, it should be clear that ObamaCare tax provisions are fatally flawed.

Regulatory Cost Estimates Are Often Murky or Avoided
The White House's list of seven regulation having annual costs exceeding $1 billion is only the tip of the iceberg ("Can't Get No Respect," Review & Outlook, May 7).

Fitch Further Lowers Greece's Ratings On Risk Of EMU Exit
Fitch Ratings downgrades its ratings on Greece two notches further into junk territory, pointing to increased risk that Greece may exit the European Union's Economic and Monetary Union.

Evidence Ruling Halts Mladic Trial
The war-crimes trial of Bosnian Serb military commander Ratko Mladic was put on hold after the court ruled that prosecutors had failed to properly disclose evidence in the case to defense lawyers.

Moody's Downgrades Four Spanish Regions, Two To Junk Level
Moody's Investors Service lowers its rating on four Spanish regions, citing their poor fiscal performance and the low probability that the regional governments will be able to meet this year's deficit target set by central government.

Great Lakes Invaders Face Salty Rebuff
A salinity test for ships' ballast tanks may be playing an important role in halting the introduction of invasive species that have plagued the Great Lakes for decades.

Surprise Guests
While no new invasive species have been found in the Great Lakes in the past six years, Asian carp are threatening to enter through the Chicago River. Click on the dots to learn more about some of the main invaders.

On 'General Obligation' Munis, Investors Advise Caution
Investors have long assumed that general-obligation bonds are the safest type of muni security, and that governments will raise taxes as much as necessary to repay bondholders. Some investors are rethinking that view.

Mexico's GDP Exceeds Expectations
Mexico's economy expanded 4.6% in the first quarter, growing above expectations on higher industrial output and agricultural production as well as continued strength in domestic demand.

Rehn: Greek Elections Are About Commitment To Reforms, Euro
The Greek election on June 17 is about the country's commitment to reforms and to the euro, European Union economics chief Olli Rehn tells an academic audience at Oxford.

China Allows More Rare-Earth Exports
China is allowing more companies to export rare earth after they met new environmental standards, but a steepening decline in the exports suggests that Beijing's policy restrictions haven't kept pace with how swiftly market demand has soured.

GM Chooses U.K. Plant For New Car
GM will produce the next version of its best-selling European compact car in the U.K. and Poland, a move that raises new questions about the fate of its aged Bochum, Germany, factory.

Surprise Guests
While no new invasive species have been found in the Great Lakes in the past six years, Asian carp are threatening to enter through the Chicago River. Some of the main invaders over the decades:

Japan's Auto Makers Warn on Yen
Japan's auto manufacturers' trade group ruled out taking coordinated steps to deal with expected power shortages this summer and warned that the strong yen has put the nation's auto industry on the brink of collapse.

Wal-Mart Sales, Profit Rise
Wal-Mart reported a 10% rise in quarterly earnings, as the world's biggest retailer benefited from a sales pickup in the U.S. and a strong performance overseas. Apparel sales rose for the first time in six years.

Mladic Charged With Genocide
A judge suspended Ratko Mladic's genocide and war crimes trial indefinitely after prosecutors failed to disclose thousands of documents to the defense team—a ruling that could delay the trial for months.

Bids for ING's Asian Life Insurance Due Friday
Some of the world's biggest insurers are expected to make offers for ING Groep's Asian life-insurance arm by Friday, in an auction that could give the winner a footprint in some of the fastest-growing insurance markets globally.

European Stocks Fall
European stocks fell as worries about contagion from Greece to other "peripheral" nations continued to concern investors. The results of Spain's latest bond auction saw borrowing costs rise.

Minority Births Are New Majority
For the first time in U.S. history, whites of European ancestry account for less than half of newborn children, marking a demographic tipping point that is already changing the nation's politics, economy and workforce.

GameStop Cuts Sales Forecast
GameStop cut its full-year sales forecast and reported that first-quarter earnings fell 9.8% on a double-digit drop in same-store sales. Store traffic was light, it said, and demand was weak for new hardware and software.

Alabama Won't Help Fiscally AiIing County
Alabama lawmakers refused to throw struggling Jefferson County a financial lifeline with legislation that would have let it raise millions of dollars in taxes.

Seoul Pressures China to Release Activists
South Korea's foreign minister pledged to step up diplomatic efforts to secure the release of four South Korean activists held by China on the North Korean border, in the latest case of friction between Seoul and Beijing over human-rights issues involving their shared neighbor.

CFFEX Expands Collaboration Efforts
The China Financial Futures Exchange this week sealed agreements with four Western exchange operators, aiming to tap the expertise of established markets following a surge in trading volume.

From 'Caveman' to 'Whale'
Bruno Iksil wagered large, and won, in bets last year against a group of junk-bond-rated companies. His trades soured this year, losing the Wall Street bank more than $2 billion.

BHP Billiton U-Turns Amid the Turmoil
BHP Billiton is leading the mining sector's retreat. For a company that prides itself on a long-term outlook, its retreat on spending plans is a hurried change of tune.

BOC May Use Monetary Policy In 'Exceptional' Cases
Canada's central bank says it may in "exceptional" situations need to use monetary policy to support financial stability, such as when a low-interest-rate environment creates financial imbalances.

Pinterest Valued at $1.5 Billion
Pinterest, the online scrapbooking website that has become the latest Silicon Valley darling, has raised $100 million in a financing round that values the start-up at $1.5 billion.

Pay Clawbacks Raise Knotty Issues
J.P. Morgan boss James Dimon says the bank may pursue pay clawbacks for those employees responsible for more than $2 billion in trading losses. But Wall Street's track record is thin in this area.

Japan's Biggest Bank Freezes Transactions With Iran
In an action unrelated to U.S. sanctions against Tehran, Bank of Tokyo-Mitsubishi UFJ said it has frozen financial transactions with Iran's government and central bank, as ordered by a U.S. federal court.

'This Is My Last Shot'
Some 15 years after he was convicted in a racially charged murder that divided a small suburban village, a former New York City transit officer is making what is likely his last bid to have the case overturned.

Moscow Protesters Shift Camp, Tactics
Russian activists chased from a week-old campsite shifted their round-the-clock protest against President Vladimir Putin to another Moscow park and scuffled with riot police, as lawmakers moved to stiffen penalties for unruly gatherings.

SEC Probes Role of Fund in CDOs
U.S. securities regulators are investigating hedge-fund firm Magnetar Capital, which bet on several mortgage-bond deals that wound up imploding during the financial crisis.

Hungary Central Bank Calls For Monitoring Of Deleveraging
Economic growth in central and eastern Europe can be undermined by foreign banks siphoning funds from their subsidiaries in the region, a practice called deleveraging that needs to be monitored, says Hungarian Central Bank Governor Andras Simor.

The Bitter Economics of Sweet Wines
Given that Sauternes is widely regarded as the world's greatest sweet-wine-producing region, the 2011s should be easy to sell. Not quite. Sweet wine is out of fashion.

Tobias Grey: The Father of Tabloid Journalism
Nineteenth-century newspaperman W.T. Stead gave birth to modern sensationalist journalism but was later a front-runner for the Nobel Peace Prize. Tobias Grey reviews "Muckraker."

Allstate, AIG And Others Named to ResCap Creditors Committee
Allstate, Deutsche Bank, American International Group and six other firms will represent unsecured creditors in the bankruptcy of mortgage lender Residential Capital.

BOE Official: No Case for More QE
The U.K. is unlikely to need another dose of central bank stimulus unless "worrying" tensions in the euro zone threaten to plunge its economy back into a deep recession, a senior Bank of England official said.

INTERVIEW
BOE Says No More QE Barring Fresh Downturn
The UK is unlikely to need more central bank stimulus unless events in the euro zone plunge its economy back into a deep recession, a senior BOE official tells Dow Jones Newswires.

Aviva to Review All Business Units
U.K. insurer Aviva said it would conduct a strategic review of all its businesses and strengthen its capital base, in what may lead to the company's most important overhaul since 2007.

Rise of a Cloner Draws VC Fans, Critics
Mention the name Rocket Internet to entrepreneurs and venture capitalists and you are likely to get some very mixed reactions. What is it about this company that engenders such passion?

Bo's Ties to Army Alarmed Beijing
Bo Xilai's ties to the military and his irregular use of his police forces are now key elements of the investigation at the heart of China's worst political crisis in more than two decades.

China Is Now Top Gold Consumer
China took over from India as the world's top consumer of gold in the first quarter, cementing expectations that China will be the dominant buying force in the gold market in 2012.

LME Chairman: Members Need Compelling Reason to Sell
Shareholders in the London Metal Exchange, who are also its members, need to be convinced to sell the 135-year-old business to any of the remaining bidders, according to a document seen by Dow Jones Newswires.

Bankia Hammered On Deposit Drain Fears
The Spanish government tries to quell fears surrounding Bankia as its shares are pummeled by reports that depositors have withdrawn around EUR1 billion from their accounts after the bank's rescue last week.

Germany Urges Greater EU Political Union
Germany's finance minister calls for a move towards political union in Europe, including a directly-elected president, to help overcome the continent's debt crisis.

Greece Swears In Caretaker Government
Greece's new caretaker government was sworn in at a ceremony at the presidential palace, putting in place a technocratic cabinet that will lead the country to fresh polls in mid-June.

Turkey Moves to Revive EU Bid
As fears grow that crisis-stricken Greece could become the first country forced to exit the euro zone, Athens' neighbor and old rival Turkey is seeking to revive its stalled bid to join the EU.

Blind Activist Seeks Chinese Passport
Blind Chinese legal activist Chen Guangcheng filled out an application for a Chinese passport Wednesday in a small but important step that brings him and his family closer to being allowed to leave for the U.S.

Greek Voters' Support For Syriza Grows
A poll shows that support for Greek leftist Syriza party, which came second in elections earlier this month, is growing, indicating it will garner the most support in a fresh vote.

Spain Clears Costly Bond Sale
Spain's borrowing costs lurch higher again as doubts over Greece's future in the euro zone raise fears that other fiscally frail nations could be the next weak links in the currency bloc.

Greece Swears In Caretaker PM
Judge Panagiotis Pikrammenos is sworn in as prime minister to head a caretaker government that will lead the country to fresh elections in June after an inconclusive poll earlier this month.

FOREX FOCUS
Greek Tremors Will Shake Global Economic Growth
The world's four largest economies all grew in the first quarter of this year, but that doesn't mean the global economy is immune to a Greek meltdown, insists Nicholas Hastings.

3i Names CEO, Seeks Turnaround
3i Group said it has appointed Simon Borrows as its new chief executive officer, a widely expected move that many in the market hope will act as a trigger to reverse the company's falling share price.

Spain GDP Contracts
Spain's government, households and companies reined in spending in the first three months of the year, leading the euro zone's fourth-biggest economy to contract 0.3% from the fourth quarter.

G8's Europe Members Hold Call Before Meeting
The leaders of the four EU states that are members of the G8 are to hold a conference call later to "discuss positions" ahead of the G8 meeting later this week in the U.S.

S&P Warns Hong Kong, Singapore Banks
Hong Kong and Singapore banks would be resilient to a mild slowdown in the euro zone, but a severe recession could spur a jump in non-performing loans and a credit crunch S&P warns.

UK PM Warns Euro At Risk Of Unraveling
Euro zone is at a cross-roads and must tackle its crisis or face potential break-up, U.K.'s prime minister is due to say in a stark warning of the crisis in its key trading partner.

Singapore GDP Beats Estimates
Singapore's key non-oil domestic exports reverted to an expansion in April and the economy grew faster than estimated in the first quarter, but the government fears a faltering global economy could derail growth momentum.

Japan GDP Is Best of a Bad Bunch
Japan's economy kicked off the year generating growth that puts most rest of the industrialized world to shame. GDP expanded at an annualized rate of 4.1% in the quarter. Still, there are worrying long-term trends.

Euro Is A One-Way Street For Members -Former ECB Council Member Weber
The euro is a one-way street for the countries that have adopted it, said Axel Weber, a former European Central Bank governing council member, late Wednesday when quizzed about Greece's possible exit from the euro zone.

UK's Cable: Clearly Risks To UK Economy From Euro-Zone Breakup
The U.K. economy would be damaged by a breakup of the euro zone, but businesses shouldn't panic, U.K. Business Secretary Vince Cable said Thursday.

Apple Moves to Larger iPhone Screens
Apple is likely to increase the screen size on its coming iPhone. The company is asking Asian suppliers to make screens measuring at least 4 inches diagonally. The current iPhone has a 3.5-inch display.

Euro Consolidates Amid Respite In Greece Woes
The euro consolidated slightly on Thursday in Asia amid a brief respite in new developments in Greece, whose political uncertainty has battered the common currency in recent days.

Greece Sets Showdown Vote Over Euro
Greece mandated a senior judge to form a government as caretaker prime minister ahead of new elections next month, after political parties failed to agree on a political or technocratic heavyweight for the job.

Georgetown Defends Sebelius Invitation
Georgetown University is defending an invitation for Health and Human Services Secretary Sebelius to address graduate students amid criticism from Catholics angry with the administration's health policies.

Judge Clears Stop-Frisk Class Action
A lawsuit alleging racial bias in the New York Police Department's so-called stop-and-frisk tactics will proceed under class-action status, clearing the way for thousands of plaintiffs to be added to the legal challenge and potentially widening the scope of court-ordered changes if the lawsuit is successful.